“I believe the hiring of Dick Parsons will bring extraordinary leadership and immediate stability to the Clippers organization,” Silver said in a press release. “Dick’s credentials as a proven chief executive speak for themselves and I am extremely grateful he accepted this responsibility.”

In response to his new position, Parsons issued a statement saying his honored to join the Clippers’ family. “Like most Americans, I have been deeply troubled by the pain the Clippers’ team, fans and partners have endured,” he said. “A lifelong fan of the NBA, I am firmly committed to the values and principles it is defending, and I completely support Adam’s leadership in navigating the challenges facing the team and the league. The Clippers are a resilient organization with a brilliant coach and equally talented and dedicated athletes and staff who have demonstrated great strength of character during a time of adversity. I am honored to be asked to work with them, build on their values and accomplishments, and help them open a new, inspiring era for their team.”

Parsons is best known as the former chairman of Citigroup and CEO of Time Warner. He currently serves as a member of the Commission on Presidential Debates’ board of directors and a senior advisor at Providence Equity Partners.